Many times new programs and ideas from the Government take a while before they start working in a smooth way (especially if the banks are involved in the process). I learned this the hard way with the RDSP (Registered Disability Savings Plan) that I set up for my son at TD/Canada Trust. The problems were on all sides, but it still frustrates the heck out of me waiting for systems to start working as advertised.I am now running into the same kind of frustration with the Canada Learning Bond (CLB), which I am attempting to set up for my son. Again I am attempting to do with TD as part of my son’s RESP and it is again causing me no end of frustration.

In October I set up a GIC account which was a family RESP account, which allegedly will be where the CLB is going to end up being deposited. I was also told by the TD rep that they will apply for the bond and it should just magically appear, and thus the frustration. It is now January, still no sign of the money, even though I have seen CESG moneys appear in one of my daughter’s RESP account, but no sign in this lonely GIC account. I realize that I must now go back into the TD branch and harass someone to find out what is going on with the grant money.
My guess of possible outcomes are:

We have been denied the bond due to having too high an income, it’s possible, but no one has said that to me as of yet.

The application has disappeared into the system and must be dislodged by someone making a phone call.

The magic dancing monkeys in the system are still thinking about the application and I must go away and ask later about it.

Hence higher anxiety on my part due to having to wait. I will keep you all posted on this one.

If you want to read more about CLB:

Read about the Canada Learning Bond from the Government from the HSDRC site.